Oregonian file photoCredence's current offices, just north of Highway 26 in Hillsboro

LTX-Credence is moving out of its longtime Hillsboro home, just north of Highway 26, and heading over to smaller quarters in Amber Glen. It's also cutting another 10 jobs, bringing the remaining headcount to between 60 and 70, according to CFO Mark Gallenberger.

LTX-Credence (formerly just Credence) sold its Hillsboro facility at the beginning of last year and had been leasing it back. The Milpitas, Calif. company once employed 430 there, but a rapid series of job cuts amid dwindling sales left most of the facility vacant.

"We just simply had too much space," Gallenberger told me this morning.

So LTX-Credence leased space at Amber Glen and will be moving over there at the end of the year.

The company no longer does any manufacturing in Oregon, but Gallenberger said LTX-Credence intends to maintain an engineering presence here for the long haul, and signed a five-year lease for its new offices.

In its analyst call yesterday, LTX-Credence said it expects the Oregon "right-sizing" will save the company $3 million a year.

LTX-Credence's financial results yesterday weren't great, but the company said it's up off the bottom. And investors liked the news -- shares are up 21 percent this morning.